Marion, Michigan Property Taxes
The median property tax rate in Marion, MI is 1.18%, noticeably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Marion at $100,400, the typical annual property tax bill reaches $1,217, which is below the national median of $2,690. Property taxes in Marion are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marion's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Marion or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marion, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,185
$1,099
Ownwell’s Marion Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Marion with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Marion to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more detailed information, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by the county for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Marion, Michigan
Property taxes in Marion, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 1.18%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Marion's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49665 ZIP code has the highest median property tax rate of 1.18%, while the same ZIP code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Marion provides valuable insights into the varying tax landscape across Osceola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
1.18%
Average Osceola County Tax Rate
1.27%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49665 | 0.79% | 0.94% | 1.18% | 1.62% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marion, Michigan. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Osceola County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Marion, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Marion are both $1,217, found in the zip code 49665.
Average Marion Assessed Value
$100,400
Average Osceola County Assessed Value
$109,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49665 | $33,200 | $60,350 | $100,400 | $151,850 | $223,000 |
Source: Ownwell
Property Tax Bills Across Marion, Michigan
In Marion, MI, property tax bills are calculated based on the assessed value of a home, which is typically set at 50% of the property's market value. For instance, with a median home price of $100,400, the assessed value would be $50,200. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. Homeowners in Marion can expect tax bills to vary significantly. The 25th percentile tax bill is around $725, while those in the 75th percentile pay approximately $1,858, and the top 10% face bills as high as $2,653. These variations reflect differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Marion's tax rates can have a substantial impact on household budgets, making it important for homeowners to understand their property assessments and potential exemptions.
Average Marion Tax Bill
$1,217
Average Osceola County Tax Bill
$1,382
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49665 | $413 | $725 | $1,217 | $1,858 | $2,653 |
Source: Ownwell